Bloomberg on Monday reported that the Greek state is eying up to 10 billion euros in new bond issues in 2024, aiming to take advantage of the country’s recently restored investment grade rating.
The widely-read US-based financial and news agency quoted a source it described as “familiar with the matter.”
The same source, Bloomberg writes, said the up to 10 billion euros worth of new bonds aims to cover financing needs of three billion euros for the entire year. One reason given is that the Greek state’s dependance on interest-bearing T-bills will be sliced by a noteworthy two billion euros.
Fitch and S&P Global Ratings raised Greece’s rating to investment grade over the past two months, a development that allows the country to attract premium institutional investors and funds active in a multi-billion-dollar “bond pool”, as well as signaling a return to normalcy following a 10-year debt crisis.
Finally, Bloomberg said Athens also wants to reduce a cash “cushion” emanating from a debt adjustment agreement it agreed to with European institutional creditors in 2018.
Sources that spoke to the news agency said this cash reserve will total roughly 30 billion euros in early 2024, but will be reduced over the course of the year.
Source: tovima.com
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